On October 2, 2016, Flx, a U.S. company, entered into a forward contract to purchase 50,000 euros
Question:
REQUIRED:
Prepare journal entries to:
1. Record the forward contract on October 2, 2016
2. Adjust the accounts at December 31, 2016
3. Account for settlement of the forward contract and record and adjust the related cash purchase on March 31, 2017
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Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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